Factbox: How China’s EV Battery Makers Compare in Energy Storage by Reuters

China’s leading electric vehicle (EV) battery manufacturers, CATL and BYD, are focusing on the expanding market for stationary energy storage systems.

Here are some key insights into their energy storage operations:

Since 2021, CATL has maintained its position as the global leader in energy storage battery deliveries, commanding over 40% of the worldwide market share, as indicated in its latest annual report. The company collaborates with prominent clients, including state-owned utilities such as Huaneng and major energy storage system manufacturers like Sungrow Power Supply.

In 2023, CATL’s energy storage battery deliveries surged by 46.8%, reaching 69 gigawatt-hours (GWh), significantly exceeding its 32.6% growth in EV battery deliveries. Notably, energy storage batteries now represent 17.6% of CATL’s overall battery sales volume, up from 12.5% in 2021.

Furthermore, CATL is set to provide battery cells and packs for Tesla’s Megapack storage facility in Shanghai, which is expected to commence production in early 2025 for export purposes. Reports indicate that Tesla’s Shanghai plant will have the capacity to produce 10,000 Megapacks annually, resulting in a total storage capacity of 40 GWh.

In comparison, BYD delivered 22 GWh of energy storage batteries in 2023, marking a 57% increase from the previous year. This growth outpaced BYD’s 15.6% increase in EV battery shipments, as reported by SNE Research.

For context, BYD’s total EV battery shipments reached 135 GWh last year.

Other smaller manufacturers, such as EVE, REPT, and HITHIUM, also experienced significant growth in their energy storage battery sales last year, with their respective shares of the global market standing at 11%, 8%, and 7% out of a total of 185 GWh.